Stephen Miran on Activist Treasury Issuance and the Monetary Policy Implications of a Second Trump Term
Macro Musings with David Beckworth
Release Date: 09/02/2024
Samim Ghamami on the Treasury Markets Impact on the Future Path of Interest Rates and Inflation
Macro Musings with David Beckworth
info_outline
Samim Ghamami on the Treasury Markets Impact on the Future Path of Interest Rates and Inflation
Macro Musings with David Beckworth
Samim Ghamami is former SEC economist. Samim returns to the show to discuss the fiscal trajectory of the US, the outlook of interest rates, the US Treasury market’s impact on inflation, potential reforms to the Treasury market and much more. Check out the for this week’s episode, now with links. Recorded on August 5th, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow Samim on X: Follow the show on X: Check out our Macro Musings to David's new BTS YouTube Channel Timestamps 00:00:00 - Intro 00:01:42 - Fiscal Trajectory of...
info_outline
Jerry Dwyer on the History of Free Banking and the Future of Bitcoin
Macro Musings with David Beckworth
Jerry Dwyer is a professor emeritus of economics at Clemson, a vice president at the Federal Reserve Bank of Atlanta and is currently a senior fellow at the Bitcoin Policy Institute. In Jerry’s first appearance on the show, he discusses what it was like having Milton Friedman as a mentor, the history of free banking, the status of cryptocurrencies including Bitcoin, and much more. Check out the for this week’s episode, now with links. Recorded on July 22nd, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow Jerry on X: Follow the show on X: ...
info_outline
Hester Peirce on the role of the SEC, Financial Surveillance, and Crypto
Macro Musings with David Beckworth
Hester Peirce is a current commissioner at the Securities and Exchange Commission and serves on its crypto task force. Hester returns to the show to discuss her time and role at the SEC, the SEC evolving role in the regulation landscape, the problems with our current state of the financial surveillance, the state of crypto for a regulator’s perspective, and much more. Check out the for this week’s episode, now with links. Recorded on August 11th, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow Hester on X: Follow the show on X: Check...
info_outline
Robin Brooks on the Dollar, Fiscal Dominance, and Geoeconomics
Macro Musings with David Beckworth
Robin Brooks is a senior fellow at the Brookings Institution. Robin returns to the show to discuss his previous appearance in March of 2020, life at a think tank, the changing or not-so-much status of the dollar, Trump’s trade war, the current landscape of geoeconomics and much more. Check out the for this week’s episode, now with links. Recorded on August 7th, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow Robin on X: Follow the show on X: Check out our Macro Musings to David's new BTS YouTube Channel Timestamps 00:00:00...
info_outline
Aditi Sahasrabuddhe on the Role Central Banker Relationships Play in Economic Crises
Macro Musings with David Beckworth
Aditi Sahasrabuddhe is a political scientist at Brown University and the author of the new book, Banker’s Trust: How Social Relations Avert Global Financial Collapse. In Aditi’s first appearance on the show, she discusses how central bankers’ relationships in the 1920’s impacted the global economy, how the ending of those relationships played a part in the Great Depression, how we can apply those principles to the Great Recession and the present, and much more. Check out the for this week’s episode, now with links. Recorded on July 30th, 2025 Subscribe to David's...
info_outline
Will Luther and Josh Hendrickson on the Future of Bitcoin
Macro Musings with David Beckworth
Will Luther is an associate professor of economics at Florida Atlantic University and a fellow at the Bitcoin Policy Institute. Josh Hendrickson is a professor of economics and the chair of the economics department at the University of Mississippi. Josh is also a fellow at BPI. Will and Josh return to the show to defend the idea of a strategic Bitcoin reserve, discuss the future of Bitcoin, and contend with the problem of Bitcoiners, and much more. Check out the for this week’s episode, now with links. Recorded on June 25th, 2025 Subscribe to David's Substack: Follow David...
info_outline
Rashad Ahmed on the Global Impact of US Stablecoin Regulation and Crypto Adoption
Macro Musings with David Beckworth
Rashad Ahmed is a former Treasury and Office of the Comptroller of the Currency financial economist and is currently an economist at the upstart Andresen Institute for Finance and Economics. In Rashad’s first appearance on the show, he discusses the real-world impacts of the GENIUS Act, what US stablecoin regulation means for the rest of the world, the state of crypto adoption, and much more. Check out the for this week’s episode, now with links. Recorded on June 27th, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow Rashad Ahmed on X: ...
info_outline
Paul Kupiec on Problems with the Fed’s Balance Sheet and Calls to End Interest on Reserves
Macro Musings with David Beckworth
Paul Kupiec is a senior fellow at the American Enterprise Institute. In Paul’s first appearance on the show, he discusses life at a think tank, the insolvency of the Fed, theories on how to fix the Fed’s balance sheet, Ted Cruz’s call to end interest on reserves, and much more. Check out the for this week’s episode, now with links. Recorded on June 24th, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow the show on X: Check out our Macro Musings to David's new BTS YouTube Channel Timestamps 00:00:00 - Intro...
info_outline
George Hall on the Fiscal Consequences of the US War on COVID
Macro Musings with David Beckworth
Check out David's Substack: for a special 500th episode post! George Hall is a professor of economics at Brandeis University and formerly worked as an economist at the Chicago Federal Reserve Bank. George returns to the show to discuss the current fiscal status of the US, how the Big Beautiful Bill will impact the fiscal outlook going forward, the history of running deficits in the US, and much more. Check out the for this week’s episode, now with links. Recorded on June 24th, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow George on X:...
info_outlineStephen Miran is a former senior advisor to the US Treasury Department, a senior strategist at Hudson Bay Capital, and a fellow at the Manhattan Institute. Stephen is also a returning guest to the podcast, and he rejoins David on Macro Musings to talk about his recent paper with Nouriel Roubini titled, *Activist Treasury Issuance and the Tug-of-War Over Monetary Policy,* as well as his thoughts on what a second Trump presidential term would mean for the Fed and financial markets.
Transcript for this week’s episode.
Stephen’s Twitter: @SteveMiran
Stephen’s Manhattan Institute profile
David Beckworth’s Twitter: @DavidBeckworth
Follow us on Twitter: @Macro_Musings
Check out our new AI chatbot: the Macro Musebot!
Join the new Macro Musings Discord server!
Join the Macro Musings mailing list!
Check out our Macro Musings merch!
Related Links:
*ATI: Activist Treasury Issuance and the Tug-of-War Over Monetary Policy* by Stephen Miran and Nouriel Roubini
*Trump Wants a Weaker Dollar But Wall Street Doubts He’ll Get One* by Saleha Mohsin and Carter Johnson
*Trump Allies Draw Up Plans to Blunt Fed’s Independence* by Andrew Restuccia, Nick Timiraos, and Alex Leary
Timestamps:
(00:00:00) – Intro
(00:01:49) – Breaking Down *Activist Treasury Issuance and the Tug-of-War Over Monetary Policy*
(00:21:33) – Responding to Criticism from Janet Yellen and Others
(00:28:21) – Addressing Trump’s Push for a Weaker Dollar
(00:38:24) – Can We Weaken the Dollar While Still Ensuring Its Use?
(00:43:07) – What a Second Trump Term Would Mean for Fed Independence and Crypto
(00:49:19) – Outro